Category: Banking

Congress Unveils 2016 Omnibus Spending Bill, Reauthorizes Marijuana Protections

Members of Congress this morning unveiled the 2016 Omnibus Appropriations bill, legislation that is responsible for funding the federal government through the 2016 fiscal year. While stand alone marijuana related bills rarely gain traction in Congress, the annual omnibus appropriations bill has become a tool for federal lawmakers to pass marijuana related language into annual spending guidelines.

House Approves Amendment to Allow Financial Institutions to Work With Marijuana Businesses

This afternoon, the House of Representatives voted 231 to 192 in favor of the Heck-Perlmutter-Lee-Rohrabacher Amendment, which will restrict Treasury Department and SEC funds from being spent to penalize financial institutions for providing services to marijuana related business that operate according to state law. This proposal amends H.R. 5016, a spending bill for fiscal year 2015 that funds the Internal Revenue Service, Treasury Department, and Securities and Exchange Commission. The amendment reads: “None of the funds made available in this Act may be used, with respect to the States of […]

Departments of Justice and Treasury Release Marijuana Banking Guidance

Today, the Department of Justice and the Financial Crimes Enforcement Network division of the Treasury Department released long anticipated guidance to banks and other financial institutions on how they can interact with marijuana businesses that are licensed under state law. Under current regulations, financial institutions are required to file suspicious activity reports when they suspect the transaction has a drug connection. The new guidance creates a three tiered system for these reports: marijuana limited, marijuana priority, and marijuana termination. This will allow these institutions to work with marijuana businesses as […]

Feds To Issue Banking Guidelines For Businesses Engaged In Cannabis Commerce

Federal officials are poised to unveil new regulations allowing for financial institutions to legally interact with licensed businesses that are engaged in cannabis commerce. “They (retail facilities that dispense cannabis) want to be able to use the banking system,” US Attorney General Eric Holder said. “And so we (the Obama administration) will be issuing some regulations I think very soon to deal with that issue.”